INVENTORY

3 Months Ended

Mar. 31, 2026

INVENTORY

INVENTORY

(3) INVENTORY

Inventory is valued at the lower of cost or net realizable value (“NRV”). Coal inventory includes NRV adjustments of $0.1 million as of March 31, 2026, and December 31, 2025. During 2025, as part of the Company’s routine inventory reconciliation process, a downward adjustment of $2.6 million was recorded to coal inventory.